JSE:SBK has broken through the descending resistance and formed a bullish engulfing candle pattern yesterday. Because of the strong momentum, I decided to enter a long position at opening this morning.
A dark cloud cover has formed on JSE:SBK which is a top reversal signal, so we can expect a downwards move.
A dark cloud cover follows a preceding up trend where a red candle opens up above the previous day's green candle and closes 50% below it's body.
This particular pattern has formed on quite a strong resistance level which solidifies the signal.
Standard Bank Group Ltd. is the ultimate holding company for the group’s interests and is a leading African financial services group with South African roots. The group is South Africa’s largest banking group by assets and currently operates in 20 countries in sub-Saharan Africa. Their strategic position enables them to connect Africa to other selected emerging...
Will look to allocate off the shaded levels
- Shorting if price starts to trade below shaded level
- I have exposure to Financials for upside(x3), need to re-balance for downside risks. ie create synergies with open positions
- I have a bit of a bias to the down-side here, thinking JSE:MTN will drag JSE:SBK. Last time(2015) this was the case, in that instance the...